COVID-19 Impact: German chemical giant Bayer to cut 1.5 billion euros of annual costs

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German pharma and agri-chemicals giant Bayer has announced plans for over 1.5 billion euros of annual cost cuts as of 2024 due to the impact of the ongoing COVID-19 crisis on the global agricultural market.

The German firm has introduced operational savings of over 1.5 billion euros yearly as of 2024. The company, already reeling from a legal fight over its Roundup herbicide, also confirmed an adjusted outlook for 2020.

In addition, the company witnesses falling crop prices and declining demand for biofuel that threaten its agriculture unit.